Fortress Fund Estimated
Daily Performance

10.531

Change :
Change %:
-0.014
-0.15%
As of close of 
5/26/2020
. Posted  
5/27/2020
12:01 PM
 CST.  Net of all fees.
May
  MTD:
0.81%
2020
  YTD:
5.31%
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Year-to-Date Performance Comparison¹

Fortress Strategy¹
70/30 Portfolio²
MSCI ACWI World Stocks³
US Aggregate Bond⁴
Current Month
-1.22%
-13.50%
-0.59%
Return Since Inception
86.02%
42.08%
66.10%
Annualized Return
5.20%
2.91%
4.23%
Annualized Volatility (SD)
8.30%
16.72%
3.28%
Best Month
7.67%
11.80%
3.73%
Worst Month
-6.79%
-19.82%
-2.37%
Max Drawdown
-17.55%
-52.31%
-3.83%

¹The Fortress Strategy performance  reflects the performance of the portion of the Pickens-Abraham Foundation account managed by Salem Abraham (the “Account”) from January 1, 2008 through June 30, 2018 (adjusted as described below) and the performance of Abraham Fortress Fund, LP (the “Fund”) beginning July 1, 2018. Returns are reported net of applicable fees and expenses (including a 0.65% annual Management Fee) and are based on an investment made at inception of the strategy. The Account commenced operations on January 1, 2008, and had an investment strategy similar to that of the Fund. The performance shown represents the actual monthly performance of the Account from January 2008 through June 2018, net of applicable fees and expenses, retroactively adjusted on a pro forma basis to reflect the 0.65% annual management fee of the Fortress Fund. Returns of the Fund are reported net of applicable fees and expenses (including a 0.65% annual management fee).  ²70/30 Portfolio is comprised of 70% MSCI ACWI and 30% Barclays US Aggregate Bond Index.  ³MSCI ACWI World Stocks is MSCI's global stock index. ⁴US Aggregate Bond is the Barclays US Aggregate Bond Index. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An investment of this nature is subject to a risk of loss.

Fortress Strategy Returns*

Contains proprietary returns from Jan 2008 to Jul 2018. Returns are presented net of applicable fees and expenses.

Year
Total
2020
4.47
%
2019
8.76
%
2018
-2.84
%
2017
12.64
%
2016
18.21
%
2015
5.76
%
2014
6.13
%
2013
8.88
%
2012
4.35
%
2011
-2.58
%
2010
9.81
%
2009
9.94
%
2008
-11.21
%
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
2020
2.40
-
%
-
-1.91
%
-
-1.20
%
-
5.27
%
%
%
%
%
%
%
%
%
4.47
%
2019
1.72
-
%
-
-0.44
%
-
-0.01
%
-
2.06
%
-4.98
%
2.58
%
3.68
%
-2.11
%
2.16
%
0.52
%
2.68
%
0.89
%
8.76
%
2018
3.42
-
%
-
-6.38
%
-
-1.01
%
-
0.86
%
2.39
%
-0.05
%
0.48
%
3.83
%
2.10
%
-4.44
%
-0.17
%
-3.34
%
-2.84
%
2017
3.29
-
%
-
2.42
%
-
1.13
%
-
-1.21
%
0.70
%
1.32
%
-0.69
%
0.82
%
-0.02
%
3.60
%
-1.08
%
1.83
%
12.64
%
2016
4.59
-
%
-
7.67
%
-
-3.84
%
-
1.74
%
-0.80
%
0.89
%
4.57
%
-3.03
%
0.94
%
-1.80
%
1.56
%
5.02
%
18.21
%
2015
2.81
-
%
-
1.30
%
-
-0.30
%
-
0.95
%
0.81
%
-1.01
%
-1.00
%
-1.27
%
3.01
%
0.38
%
4.08
%
-3.87
%
5.76
%
2014
-1.94
-
%
-
2.51
%
-
-1.33
%
-
-1.25
%
0.67
%
-1.52
%
0.18
%
2.02
%
1.07
%
2.51
%
3.47
%
-0.24
%
6.13
%
2013
2.35
-
%
-
0.23
%
-
0.96
%
-
1.70
%
-0.51
%
0.28
%
-1.51
%
-1.18
%
1.16
%
1.54
%
1.95
%
1.66
%
8.88
%
2012
0.43
-
%
-
0.42
%
-
-0.23
%
-
0.81
%
2.17
%
2.57
%
1.67
%
0.01
%
0.39
%
-2.41
%
-0.29
%
2.18
%
4.35
%
2011
-0.95
-
%
-
1.63
%
-
-0.13
%
-
2.65
%
-3.18
%
1.64
%
-2.95
%
-0.09
%
-1.14
%
0.05
%
0.52
%
-0.49
%
-2.58
%
2010
-2.85
-
%
-
0.33
%
-
2.72
%
-
0.64
%
-4.52
%
0.05
%
1.90
%
2.02
%
3.76
%
2.33
%
-1.11
%
4.52
%
9.81
%
2009
0.08
-
%
-
-1.21
%
-
0.31
%
-
1.76
%
3.32
%
2.83
%
-1.72
%
0.99
%
3.53
%
-2.23
%
3.42
%
-1.31
%
9.94
%
2008
2.99
-
%
-
2.19
%
-
-5.52
%
-
2.35
%
3.92
%
-5.27
%
-6.79
%
-1.55
%
-1.58
%
-3.63
%
0.97
%
0.85
%
-11.21
%

*The Fortress Strategy performance history reflects the performance of the portion of the Pickens-Abraham Foundation account managed by Salem Abraham (the “Account”) from January 1, 2008 through June 30, 2018 (adjusted as described below) and the performance of Abraham Fortress Fund, LP (the “Fund”) beginning July 1, 2018. Returns are reported net of applicable fees and expenses (including a 0.65% annual Management Fee) and are based on an investment made at inception of the strategy. The Account commenced operations on January 1, 2008, and had an investment strategy similar to that of the Fund. The performance shown represents the actual monthly performance of the Account from January 2008 through June 2018, net of applicable fees and expenses, retroactively adjusted on a pro forma basis to reflect the 0.65% annual management fee of the Fortress Fund. Returns of the Fund are reported net of applicable fees and expenses (including a 0.65% annual management fee). PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An investment of this nature is subject to a risk of loss.

Inception-to-Date Performance Comparison of $1,000*

Inception-to-Date Drawdown Comparison*

*Contains proprietary returns from Jan 2008 to June 2018. The Fortress Strategy performance history reflects the performance of the portion of the Pickens-Abraham Foundation account managed by Salem Abraham (the “Account”) from January 1, 2008 through June 30, 2018 (adjusted as described below) and the performance of Abraham Fortress Fund, LP (the “Fund”) beginning July 1, 2018. Returns are reported net of applicable fees and expenses (including a 0.65% annual Management Fee) and are based on an investment made at inception of the strategy. The Account commenced operations on January 1, 2008, and had an investment strategy similar to that of the Fund. The performance shown represents the actual monthly performance of the Account from January 2008 through June 2018, net of applicable fees and expenses, retroactively adjusted on a pro forma basis to reflect the 0.65% annual management fee of the Fortress Fund. Returns of the Fund are reported net of applicable fees and expenses (including a 0.65% annual management fee). 70/30 is a 70/30 portfolio comprised of 70% MSCI ACWI and 30% US Aggregate Bond Index. MSCI ACWI World Stocks is MSCI's global stock index. US Aggregate Bond is the Barclays US Aggregate Bond Index. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An investment of this nature is subject to a risk of loss.

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